business π° India's LIC stake sale hits $3.3 billion mark
The Indian government successfully sold a 6.5% stake in Life Insurance Corporation of India (LIC) via a stock exchange offer. This massive transaction was conducted by the Ministry of Finance in India. The government raised βΉ31,552 crore, equivalent to approximately US$3.3 billion, on August 14, 2026. This sale helped the government meet about two-thirds of its budget estimate for Fiscal 2027. The move also boosted LIC's public shareholding from 3.5% to 10.0%.